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Purchase of a Leasehold Residential Property

Our fees cover all the work required to complete the purchase, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) or Land Transaction Tax (Land Tax).

Fees:

Legal fees: £850.00 - £1,200.00 plus VAT

We offer fixed fee conveyancing. The fees are applicable to property up to the value of £1,000,000.00. Property above this value will be charged at 0.1% of the purchase price

An additional cost added to the fees will be the electronic money transfer fee: £42.00 including VAT

Disbursements

Disbursements are costs related to your matter that are payable to third parties. We handle the payment of the disbursements on your behalf to ensure a smoother process.

 

There are Disbursement unique to Leasehold property that may be applicable. These fees vary from property to property and can on occasion be significantly more than the ranges given below.

 

We can give you an accurate figure once we have sight of your specific documents. They are set out below:

 

Additional Conveyancer’s fee: £210.00 including VAT

 

Notice of Transfer fee: This fee if chargeable is set out in the lease. Often the fee is between £30.00 - £50.00.

Notice of Charge fee: (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £30.00 -£50.00

 

Deed of Covenant fee: This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £150.00 - £250.00.

Certificate of Compliance fee: To be confirmed upon receipt of the lease, as can range between £100.00 - £200.00.

 

You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information


Stamp Duty or Land Tax (on purchase):

This depends on the purchase price of your property. You can calculate the amount you will need to pay by using https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro or if the property is located in Wales by using https://beta.gov.wales/land-transaction-tax-calculator

Our fees and some of our expenses are subject to VAT (currently 20%)

How long will my purchase take?

 

How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-12 weeks.

 

It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle, it could take 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 3 and 4 months. In such, a situation additional charges would apply.

 

Who will deal with you case?

 

Matters of this nature are usually dealt with our Zoheb Chaudhry or Tasneem Raza.

BRIAN COULTER